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Aerospace & defence · Industrials · Fiscal year ends Dec 31
Nextnav reported revenue of $5M in the fiscal year ended Dec 2025, down 19.3% from the year before. Operating income was −$70M, an operating margin of −1535.8%, and net income was −$189M. Operating cash flow of −$51M less capital expenditure of $50,000 left free cash flow of −$51M. Net debt was $229M.
Ranks among the 28 aerospace & defence companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 0.8 | 3.9 | 3.9 | 5.7 | 4.6 |
| Cost of revenue | 0.2 | 2.4 | 2.3 | 0.7 | 8.5 |
| Gross profit | 0.5 | 1.5 | 1.5 | 4.9 | −4.0 |
| Research & development | 9.5 | 17.1 | 19.5 | 16.2 | 19.0 |
| Selling, general & admin | 13.6 | 36.9 | 30.3 | 33.5 | 39.6 |
| Operating income | −42.4 | −65.5 | −63.5 | −60.1 | −70.2 |
| Net interest incomeBanks | −17.8 | 0.9 | −3.7 | −9.4 | −12.4 |
| Interest expense | 17.8 | – | – | – | – |
| Pre-tax income | −145 | −40.1 | −71.5 | −102 | −189 |
| Income tax | 0.1 | −0.0 | 0.2 | 0.2 | 0.2 |
| Net income | −145 | −40.1 | −71.7 | −102 | −189 |
| Diluted EPS | −6.73 | −0.40 | −0.66 | −0.84 | −1.42 |
| Diluted shares | 0.0 | 101 | 108 | 0.1 | 0.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 100 | 47.2 | 81.9 | 39.3 | 44.8 |
| Receivables | 1.7 | 2.2 | 2.3 | 3.3 | 2.3 |
| Inventory | 4.6 | – | – | – | – |
| Current assets | 106 | 61.2 | 91.2 | 86.0 | 157 |
| Net PP&E | 21.8 | 19.2 | – | – | – |
| Goodwill | – | 17.5 | 18.0 | 17.0 | 19.2 |
| Total assets | 137 | 124 | 162 | 162 | 247 |
| Payables | 0.4 | 1.0 | 0.4 | 0.9 | 0.7 |
| Deferred revenue | 0.0 | 0.1 | 0.3 | 0.3 | 0.5 |
| Current liabilities | 6.7 | 8.9 | 9.8 | 12.1 | 12.4 |
| Long-term debt | – | – | 48.4 | 54.6 | 274 |
| Total liabilities | 36.9 | 19.9 | 82.1 | 112 | 333 |
| Shareholders' equity | 100.0 | 100 | 78.7 | 50.1 | −86.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −47.9 | −37.1 | −35.4 | −38.0 | −50.7 |
| Capital expenditure | 1.0 | 3.0 | 2.8 | 0.4 | 0.1 |
| Free cash flow | −49.0 | −40.1 | −38.2 | −38.4 | −50.8 |
| Depreciation & amortisation | 1.8 | 3.7 | 4.8 | 5.2 | 7.8 |
| Stock-based compensation | – | – | – | 13.9 | 16.6 |
| Acquisitions | – | 2.9 | – | – | – |
| Share buybacks | – | 0.0 | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 414.5% | −1.6% | 46.8% | −19.3% |
| Gross margin | 69.6% | 39.1% | 40.0% | 87.1% | −86.7% |
| Operating margin | −5560.8% | −1669.3% | −1645.0% | −1060.1% | −1535.8% |
| Net margin | −18960.2% | −1021.8% | −1857.5% | −1797.1% | −4138.5% |
| Return on equityBlank when equity is negative | −144.7% | −40.1% | −91.1% | −203.3% | – |
| ROCEEBIT ÷ (assets − current liabilities) | −32.6% | −57.0% | −41.7% | −40.2% | −29.9% |
| Free cash flow margin | −6416.0% | −1020.4% | −988.9% | −676.6% | −1110.8% |
| Cash conversion (CFO ÷ net income) | 0.33x | 0.92x | 0.49x | 0.37x | 0.27x |
| Receivable days | 832 | 202 | 220 | 213 | 187 |
| Inventory days | 7237 | – | – | – | – |
| Payable days | 705 | 156 | 62 | 430 | 28 |
| Interest cover | −2.38x | – | – | – | – |
| Debt ÷ equity | – | – | 0.62x | 1.09x | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | −33.4 | 15.3 | 229 |
| Current ratio | 15.9x | 6.89x | 9.31x | 7.09x | 12.7x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.